Even though many young people today cannot stop complaining about the lack of a $15 hourly minimum wage, a new study from Pew Research Center shows that young people are thriving.
Pew informs us that “[a]fter bottoming out in 2011, incomes are rising for American households — and those headed by a Millennial (someone age 22 to 37) now earn more than young adult households did at nearly any time in the past 50 years.”
The average household income for young people is currently $69,000. Although it is lower than the average household income of those aged 54 to 72 ($77,600) as well as the income of those ages 38 to 53 ($85,800) the average household income of young people has risen dramatically up from $44,900 back in 1967.
Furthermore, the fact that young households are not making as much as their older counterparts is not actually an issue. Many need to work their way up in the workforce and gain more experience and seniority, so it is only natural that those who are in prime working age (ages 38 to 53) are making more.
Pew cites two main reasons for the rising household incomes. First, more young women are now working full time. They say that “women in Millennial households worked more in 2017 than their counterparts in young adult households did in 2000. 78% of women in Millennial households in 2017 worked at least 50 weeks of the year. In 2000, by comparison, 72% of women workers in households headed by 22- to 37-year-olds worked as long.”
Second, Pew says women are not just working more, but they are also earning more for their work. It notes that “the median earnings of women working full time for a full year (in households headed by people ages 22 to 37) rose from $37,100 in 2000 to $39,000 in 2017.”
Some may say these increases in income are solely a product of inflation. However, the data clearly show that’s not the case. Income has not been steadily going up every year since 1967 as inflation has. There was about a 10-to-15-year stagnation in income between 2000 and the mid-2010s. Not only that, but the peak of household income among those aged 38-53 was around 2000, further demonstrating the factors that played into the rising household incomes go far beyond just inflation.
With all of this good news for millennials, one may expect them to be among the happiest demographics in America. Unfortunately, despite the good economic news, millennials still experience more anxiety, depression, and mental health issues than other generations. Pew also notes that “today, 55% of young adult heads of a household have a spouse or cohabiting partner, down from 57% in 2000.”
Through these findings, it seems like an unfortunate reality has formed where young people have made a fatal trade. Young people have traded away what is truly important — happiness, fulfillment, and being rich with relationships — in exchange for monetary wealth and a materialistic society. Money cannot buy fulfillment, and nice things cannot pave a road to happiness.
The increase in income is not the issue. Rather, the issue lies with the deterioration of values along with it. Until we realize this reality, the next generation may be making money, but at what cost?
Jack Elbaum is a high school student at Highland Park High School in Illinois.
